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So, you’re thinking about setting up a residency (or multiple) abroad. Today we’re talking about the most important things that you should consider prior to doing this.
If you prepare the playground correctly, getting a second residency and moving abroad will be much much easier.
Of course, each country has their own list of rules and requirements but today we are going to cover the most common ones that you should fulfill in order to make sure your residency application goes as smooth as possible.
The first thing that you should probably do is to form a company. Sometimes you will be able to get a residency in a foreign country by forming a company there, but in many cases it’s not that simple. For example, it’s quite common to get a residency in Bulgaria via TRO (trade representative office) and in order to be able to apply for this you will need to have a foreign company that’s at least a few years old. Also, it’s good to run your business through a company, because it decreases potential risks for your personal assets if things go wrong.
Second thing you should consider is having a stable source of income, and certain amount of money coming in every month. Most places will require that you’re able to provide for yourself before they grant you a residency permit. The amounts will vary, but if you can prove income of $3000-$5000/mo you should be fine in most countries.
Another thing that’s VERY important is having a clean criminal record check. If you’ve been convicted chances are that you will not be able to get a residency in a foreign country.
Also, be sure to NEVER overstay your visas, and to always leave the country on time. If you don’t it can create issues when you want to apply for residencies in the future. Never overstay your visas – this is not a good thing!
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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